Our 2010 Annual Meeting took place at Quarry Oaks on Monday, June 7th. We had a great turnout with almost 100 people in attendance for the meeting and lunch, and 24 golf teams participating in the outing. A 2009 summary of MHEG’s operations was provided during the annual meeting, along with a market update and a 2010 outlook. We also commemorated Sister Marilyn Ross’s retirement as Chairman of the Board.

We would like to thank all those in attendance and our great sponsors! After the rain showers passed through in the morning, the sun came

out and it was a beautiful day for golf!

Richard (Dick) Schenck was recently announced as MHEG’s new Chairman for the Board of Directors at our June Annual Meeting. Schenck, who has been a member of the Board since 2000, also serves on our Audit and Investment Committee, as well as the Iowa and Kansas Operations and Investment Committees.

Schenck, an active participant in affordable housing, serves as a Community Development Manager

for Wells Fargo, managing a 10 state area, with the assistance of four direct reports, which includes Nebraska, Kansas, North Dakota, South Dakota, Iowa, Illinois, Wisconsin, Michigan, Indiana & Ohio. He works extensively with community organizations and the Wells Fargo bankers in addressing community development needs in the markets we serve and our compliance with the CRA

regulations by ensuring compliance with the Lending, Investment & Service tests of the CRA Regulation.

Schenck has been with Wells Fargo for over 40 years with experience in all aspects of credit and credit administration, including collections, installment lending, indirect underwriting, commercial lending, workout, collateral audit, residential real estate, small business loan underwriting, compliance, fair lending and other backroom support functions. He has

conducted various training sessions for all levels of bankers and continues to interact with bankers on a daily basis as a resource for their CRA & Community Development needs.

Schenck will continue to be a great source of leadership and knowledge for MHEG as he embarks on his role as Chairman.

Midwest Housing Equity Group, Inc.

1

MHEG MHEG in a in a Minute Minute

Contact any of our offices listed above or visit our website for more information: www.mheginc.com

13520 California Street, Suite 250

Omaha, NE 68154

Keeping you up to date on MHEG’s business in just a minute’s time.

RECENT HIGHLIGHTS

Omaha / Corporate Headquarters

13520 California Street, Suite 250

Omaha, NE 68154

Phone: 402.334.8899 Fax: 402.334.5599

Des Moines

1312 Locust Street, Suite 300B

Des Moines, IA 50309

Phone: 515.280.6000 Fax: 515.280.6655

Oklahoma City

10342 Greenbriar Parkway

Oklahoma City, OK 73159

Phone: 405.278.7909 Fax: 405.218.4075

Topeka

701 S. Kansas Avenue

Topeka, KS 66603

Phone: 785.267.1901 Fax: 785.267.1903

SEPTEMBER 2010 VOLUME 3, ISSUE 3

Schenck Named as Chairman of Board

2010 Annual Meeting

Congratulations to all of our Winners!

1st Place: Rachel Wiesner, Tony Krsnich, Pete Krsnich, Ross Rumsey 2nd Place: Pat Michaelis, John Martin, Dan Smith, Don Crabtree 3rd Place: Peggy Levine, Jim Royer, Brad Bailey, Dudley Beyer Last Place: Traci Collins/Andrea Frymire, John Wiechmann, John Kroeker, Rick Jackson

A BIG THANK YOU to ALL of our 2010 Sponsors!!!

Luncheon Sponsors: Buland Group and Dauby O’Connor & Zaleski, LLC (DOZ) Awards Presentation Sponsor: Horizon Bank 19th Hole Celebration: Seldin Company Cart Sponsor: FHLBank Topeka Refreshments Sponsor: Wells Fargo Breakfast & Registration Sponsors: BancFirst and Spectrum Companies

Hole Sponsors: Bank of the West, Buland Group, DOZ, Dutton & Associates PC, Excel Development Group, Horizon Bank, INTRUST Bank, J Development Co., Kutak Rock, Mesner Development Co., Nebraska Bankers Assoc., Nebraska Investment Finance Authority, Oklahoma Bankers Assoc., State Farm Insurance Agency - Gale Breed Agency, US Bank

Additional Sponsors: Home Federal Bank - Grand Island

Above Left: Larry Buland of the Buland Group, Luncheon

Sponsor, addresses attendees during lunch.

Above Right: Sister Marilyn receives a plaque honoring her

time on MHEG’s Board. Below: First Place Winners enjoy a moment out on the course.

Recent Highlights 1

President’s Message 2

State Updates - IA 2

Upcoming Events 2

Closings & Asset Management Updates

3

Announcements 4

State Updates - KS, NE, OK 5

Inside this issue:

Kansas 2010 Kansas Housing Conference: Sept. 8-10th Topeka, KS - Capitol Plaza Hotel & Convention Center

Annual KS Housing Dinner: Sept. 8th Topeka, KS - Topeka Country Club

Iowa 2010 HousingIowa Conference: Sept. 8-9th Des Moines, IA - Downtown Marriott

Annual IA Housing Dinner: Sept. 8th Des Moines, IA - Proof Restaurant

Thus far 2010 has been a very positive experience all around. To date, ten investors have executed subscription documents to participate in the Nebraska fund offering. Of the ten, five are new relationships to Midwest Housing Equity Group (MHEG). In addition, documents have been sent to

three more potential investors for their consideration. These would also be new relationships as well. As I conveyed at MHEG’s annual meeting in June, I rededicated myself at the beginning of the year to put forth my best effort to raising equity capital. At the end of each day I find peace in knowing I gave it my all.

I would be remiss if I didn’t mention I made it a point to have fun this year. Given all the trials and tribulations of last year; I felt it was imperative to embrace the experiences and receive the blessings of each day. I hope these changes can serve as encouragement to you and the job you have been entrusted with.

Fundraising is going well this year. We welcome and thank new investors Seaboard Corporation; Bank of Hays; United Bank and Trust, Marysville; and Citizens State Bank, Moundridge. We thank and appreciate repeat investors Capital City Bank, Capitol Federal Savings Bank; Farmers and Merchants Investment, Waverly, NE; and Commerce Bank, KC, MO. Kansas Fund VIII will have several additional investors before the year is over. High yields are attracting investors but are causing

funding gaps on the project side. There are always challenges, but I would always chose to have funds to work with and then figure out how to fill the gaps. We are working on strong developments, with strong developers in Dodge City, Hays, Larned, Lawrence, Lyons, Marysville, McPherson, Parsons, Topeka, and Wichita for KF VIII. I am very proud and pleased with what we are doing. Bottom-line, we are improving the quality of life for many people who need our help.

Kansas is hosting our 3rd Annual Dinner on September 8th, in conjunction with the Kansas Housing Conference. If you would like more information, please contact Lisa Bryan at the KS office at (785) 267-1901 or email at lbryan@mheginc.com. The Kansas staff is here to assist you with your projects and developments. We appreciate your business!

2

Nebraska Update - Thomas Judds

Message from the President - Jim Rieker

I am having difficult time believing it is already September. I’m still trying to figure out what happened after all the snow melted. The summer has sure gone by fast, but that is in part to MHEG being very busy raising capital and closing deals. You know

the saying, time flies when you’re having fun. 2010 has already been a much better year than 2009, so it is more fun (but it can still get better).

I know you all hear that capital is easier to raise than in the past couple of years. While I don’t disagree with that on a national scale, I would say it is still pretty tight in our markets. Yes, we’re bringing in new capital, but a lot of our normal investors are still sitting on the sideline waiting to see what this economy brings them. At some point, these

companies are going to have to do something with that cash they are sitting on. We just hope we continue to build the

relationships that will allow us to be part of their investment strategy.

We all are still curious as to what to expect for the future of the 1602/Exchange program. At the beginning of the year, we

all thought it was a slam dunk. As the year progressed, the odds kept slipping, but we still thought it would go through. Now that Congress is on fall recess and nothing has been done, the odds are pretty slim that something will happen.

For many of our projects, this is a concern because they are relying on the 1602 money to fill gaps. Congress will be back yet this year, but their agenda will focus on other things so we can only wait and see.

As I said, 2010 is looking to be a pretty good year all around, yet there are enough quirks still out there to keep the balance of the year interesting. I’m looking forward to celebrating with you all at the end of the year, to enjoying

the good and putting behind any of the bad that still exists.

Until next time, enjoy your fall. Football season is upon us so life is good!!

Kansas Update - Pat Michaelis

Iowa Update - Dan Garrett

Oklahoma Update - Andrea Frymire

MHEG in a Minute Vol. 3, Issue 3 September 2010 5

Nebraska NAHRO Fall Conference: Sept. 14-16th South Sioux City, NE - Marina Inn

UPCOMING EVENTS

Jim Rieker, President

Oklahoma Fund III officially closed at the end of July! We successfully raised $25M, and will begin immediate closings on potentially 7 developments that are awaiting ground breakings. Our Fund III investor list includes several new organizations:

Wells Fargo $10M American Fidelity* $1M BancFirst $ 5M Lifeshield (Affiliate of MidFirst)* $500k Seaboard* $ 5M Bank of Commerce $500k BOK* $ 2.5M Farmers & Merchants $500k (*first time investor)

We would like to send a sincere thank you to all of our investors. We are pleased to have gained the confidence and trust of such strong entities.

Projects identified for Fund III will provide affordable housing in the following cities: Ardmore, Broken Bow, Enid, Konawa, Holdenville, McAlester and Tishomingo. We are in the process of identifying additional projects to complete Fund III.

Oklahoma Fund IV will most likely be issued late fall. We look forward to continuing our mission in Oklahoma: promoting and sustaining quality affordable housing.

The fall is always an exciting time of the year for the MHEG staff in Iowa. We have our annual IFA Housing conference and dinner in September. We look forward to this each year, as it is a time where we can get together with new and old colleagues and partners who have all been dedicated to improving the

housing development in our state. We are also excited to welcome Traci Collins this year as the newest member to the Iowa staff. Although she works out of the Omaha office, we have had several opportunities to get to know Traci and look forward to several more.

So far this year, we have closed two projects in Iowa. We have five more

projects set to close by year end. It’s always a nice feeling to look back at the end of the year and see all the hard work done by each and every person involved in a project all be worthwhile. A big thank you to everyone who has

helped make these projects possible this year. We hope to see many of you at our dinner this year to celebrate!

MHEG is excited to announce the recent signing of nine new first-time investors! We look forward to partnering with these great organizations for many years to come in the

development of affordable housing.

$15M - IF VI, KF VIII, NF XV and OF III: Seaboard Corporation Shawnee Mission, Kansas

$250K - NF XV: The State National Bank & Trust Company Wayne, Nebraska

$500K - NF XV: First Community Bank Beemer,

Nebraska $500K - NF XV: Adams County Bank Kenesaw,

Nebraska $500K - NF XV: Countryside Bank Unadilla, Nebraska

$1.5M - KF VIII: United Bank & Trust Company Marysville, Kansas $500K - KF VIII: Bank of Hays Hays, Kansas

$1M - KF VIII: Citizens State Bank Moundridge,

Kansas

$500K - OF III: Lifeshield National Insurance Co. (Affiliate of MidFirst)

Oklahoma City, Oklahoma

New Investors for 2010

NASLEF’s 17th Annual Conference: Sept. 22nd-24th Boston, MA - Omni Parker House

Oklahoma Community Bankers Association of Oklahoma Annual Convention: Sept. 15-17th Oklahoma City, OK - Skirvin Hotel OHFA Board of Trustees Meeting: Sept. 16th and Nov. 18th Oklahoma City, OK - OHFA Office MHEG Industry Luncheon: Sept. 16th Oklahoma City, OK - Coles Garden Event Center

OHFA Fair Housing & Accessibility Training: Sept. 21st OHFA Tax Credit Fundamentals & Regulatory Update: Sept. 22nd Oklahoma City, OK - Embassy Suites Norman Hotel & Convention Center

Above: NASLEF members enjoy an evening out

in Napa, CA for the NASLEF Asset Management

Directors Meeting in May. MHEG’s Ted Witt, COO

and Director of Asset Management attended on behalf of MHEG.

Right: Liberty Estates (NF XIV) Ground Breaking, April 23rd in Waverly, Nebraska. Liberty Estates will offer 24 two and three-bedroom units that include an attached garage, patio, washer/dryer, refrigerator and sprinkler system.

Below Right: Jim Rieker, President & CEO at MHEG, and Candace Gregory, President & CEO for the Open Door Mission, take a moment at the Ribbon Cutting Ceremony for the new Lydia House (Help the Homeless of the Metro LLC, NF XIII & NF XIV) on May 20th in Omaha, Nebraska.

LIHTC Rates

Recently Closed Projects, Groundbreakings, and more...

MHEG ended the summer with a total of 6 closings, adding an additional 198 units to our affordable housing

portfolio. To date, MHEG has closed 261 projects, creating and sustaining 7,135 units of affordable housing in

the four-state area.

MHEG in a Minute Vol. 3, Issue 3 September 2010 3

Ground Breakings, Ribbon Cuttings & Construction in Progress

Asset Management Update

Information current as of 8/31/2010 *Numbers compiled from 6/30/2010 figures

Number of Developments 261

Number of Units 7,135

Number of Counties Represented 107

Number of Cities Represented 132

Portfolio Vacancy Percentage* 6.43%*

Portfolio Debt Coverage Ratio* 1.48*

Sugar Creek Bend, LLLP IF V, L.P. & IF VI, L.P.

Cedar Rapids, IA • 20 units 8/25/2010 Rebuilding Lives, L.L.C. NF XIV, L.P. Omaha, NE • 41 units 8/30/2010

MAY Closings Liberty Estates, LLC NF XIV, L.P.

Waverly, NE • 24 units 5/5/2010

Above: Tom Stratman, Underwriting Manger at MHEG, attends and

speaks at a Groundbreaking Ceremony for Village at Heartland Park II (NF XV) in Seward, Nebraska on August 31st.

AUGUST Closings Crestview Terrace, LLLP IF V, L.P.

West Des Moines, IA • 55 units 8/6/2010 Gering Valley Estates, L.L.C. NF XIV, L.P. & NF XV, L.P. Gering, NE • 28 units 8/16/2010

June 2010 Rates July 2010 Rates August 2010 Rates September 2010 Rates 70% PVC - 7.81% 70% PVC - 7.73% 70% PVC - 7.69% 70% PVC - 7.65 % 30% PVC - 3.35% 30% PVC - 3.31% 30% PVC - 3.30% 30% PVC - 3.28% AFR - 4.30% AFR - 3.94% AFR - 3.79% AFR - 3.66%

JULY Closings CHARMED - Perkins Affordable Housing Partners II, LLC

OF II, L.P. Perkins, OK • 30 units 7/30/2010

We are happy to announce the hiring of a two new employees.

Traci Collins, Development Coordinator - Traci was recently hired as Development Coordinator for Iowa. She is

responsible for determining if potential real estate investments meet MHEG’s guidelines and if they do, she is responsible for getting the investment closed into an investment fund. She previously worked for MMA Financial as an Underwriter, where

her main duties included underwriting debt and equity financing for multifamily properties nationwide. She comes to MHEG with over 13 years experience in the housing field. Traci is a graduate from the University of Nebraska at Lincoln, with a BS in Business Administration with an emphasis in Finance. She started with MHEG on June 7th.

Sandy Railey, Asset Manager - Sandy was recently hired as an Asset Manager in our Oklahoma office. She will be

overseeing the Oklahoma development portfolio through financial reviews, site visits and problem resolution/workouts as

needed. Sandy has over 20 years experience in the banking industry in Oklahoma City with a concentration in real estate lending. Sandy is a graduate of Southern Nazarene University receiving her MBA and BA in Management of Human Resources. She started on August 2nd.

MHEG now has 32 full-time and 3 part-time staff members. Below is a group picture from our June Annual Meeting.

4

Staff Additions

Iowa Service Day

The Iowa office was able to spend a “service day” at Stone Ridge Apartments (IEF II, L.P.) in Webster City this past May. They were able to assist in landscaping with weeding, mulching and planting at all of the seven buildings. They were also able to meet some of the tenants. Lacey Powers, Administrative Assistant for the Iowa office, was able to participate in the service day and commented that “It was nice to actually meet some of the people we were helping, some of the tenants

even commented on how nice the landscaping looked.”

BeforeBeforeBefore AfterAfterAfter

Kansas 2010 Kansas Housing Conference: Sept. 8-10th Topeka, KS - Capitol Plaza Hotel & Convention Center

Annual KS Housing Dinner: Sept. 8th Topeka, KS - Topeka Country Club

Iowa 2010 HousingIowa Conference: Sept. 8-9th Des Moines, IA - Downtown Marriott

Annual IA Housing Dinner: Sept. 8th Des Moines, IA - Proof Restaurant

Thus far 2010 has been a very positive experience all around. To date, ten investors have executed subscription documents to participate in the Nebraska fund offering. Of the ten, five are new relationships to Midwest Housing Equity Group (MHEG). In addition, documents have been sent to

three more potential investors for their consideration. These would also be new relationships as well. As I conveyed at MHEG’s annual meeting in June, I rededicated myself at the beginning of the year to put forth my best effort to raising equity capital. At the end of each day I find peace in knowing I gave it my all.

I would be remiss if I didn’t mention I made it a point to have fun this year. Given all the trials and tribulations of last year; I felt it was imperative to embrace the experiences and receive the blessings of each day. I hope these changes can serve as encouragement to you and the job you have been entrusted with.

Fundraising is going well this year. We welcome and thank new investors Seaboard Corporation; Bank of Hays; United Bank and Trust, Marysville; and Citizens State Bank, Moundridge. We thank and appreciate repeat investors Capital City Bank, Capitol Federal Savings Bank; Farmers and Merchants Investment, Waverly, NE; and Commerce Bank, KC, MO. Kansas Fund VIII will have several additional investors before the year is over. High yields are attracting investors but are causing

funding gaps on the project side. There are always challenges, but I would always chose to have funds to work with and then figure out how to fill the gaps. We are working on strong developments, with strong developers in Dodge City, Hays, Larned, Lawrence, Lyons, Marysville, McPherson, Parsons, Topeka, and Wichita for KF VIII. I am very proud and pleased with what we are doing. Bottom-line, we are improving the quality of life for many people who need our help.

Kansas is hosting our 3rd Annual Dinner on September 8th, in conjunction with the Kansas Housing Conference. If you would like more information, please contact Lisa Bryan at the KS office at (785) 267-1901 or email at lbryan@mheginc.com. The Kansas staff is here to assist you with your projects and developments. We appreciate your business!

2

Nebraska Update - Thomas Judds

Message from the President - Jim Rieker

I am having difficult time believing it is already September. I’m still trying to figure out what happened after all the snow melted. The summer has sure gone by fast, but that is in part to MHEG being very busy raising capital and closing deals. You know

the saying, time flies when you’re having fun. 2010 has already been a much better year than 2009, so it is more fun (but it can still get better).

I know you all hear that capital is easier to raise than in the past couple of years. While I don’t disagree with that on a national scale, I would say it is still pretty tight in our markets. Yes, we’re bringing in new capital, but a lot of our normal investors are still sitting on the sideline waiting to see what this economy brings them. At some point, these

companies are going to have to do something with that cash they are sitting on. We just hope we continue to build the

relationships that will allow us to be part of their investment strategy.

We all are still curious as to what to expect for the future of the 1602/Exchange program. At the beginning of the year, we

all thought it was a slam dunk. As the year progressed, the odds kept slipping, but we still thought it would go through. Now that Congress is on fall recess and nothing has been done, the odds are pretty slim that something will happen.

For many of our projects, this is a concern because they are relying on the 1602 money to fill gaps. Congress will be back yet this year, but their agenda will focus on other things so we can only wait and see.

As I said, 2010 is looking to be a pretty good year all around, yet there are enough quirks still out there to keep the balance of the year interesting. I’m looking forward to celebrating with you all at the end of the year, to enjoying

the good and putting behind any of the bad that still exists.

Until next time, enjoy your fall. Football season is upon us so life is good!!

Kansas Update - Pat Michaelis

Iowa Update - Dan Garrett

Oklahoma Update - Andrea Frymire

MHEG in a Minute Vol. 3, Issue 3 September 2010 5

Nebraska NAHRO Fall Conference: Sept. 14-16th South Sioux City, NE - Marina Inn

UPCOMING EVENTS

Jim Rieker, President

Oklahoma Fund III officially closed at the end of July! We successfully raised $25M, and will begin immediate closings on potentially 7 developments that are awaiting ground breakings. Our Fund III investor list includes several new organizations:

Wells Fargo $10M American Fidelity* $1M BancFirst $ 5M Lifeshield (Affiliate of MidFirst)* $500k Seaboard* $ 5M Bank of Commerce $500k BOK* $ 2.5M Farmers & Merchants $500k (*first time investor)

We would like to send a sincere thank you to all of our investors. We are pleased to have gained the confidence and trust of such strong entities.

Projects identified for Fund III will provide affordable housing in the following cities: Ardmore, Broken Bow, Enid, Konawa, Holdenville, McAlester and Tishomingo. We are in the process of identifying additional projects to complete Fund III.

Oklahoma Fund IV will most likely be issued late fall. We look forward to continuing our mission in Oklahoma: promoting and sustaining quality affordable housing.

The fall is always an exciting time of the year for the MHEG staff in Iowa. We have our annual IFA Housing conference and dinner in September. We look forward to this each year, as it is a time where we can get together with new and old colleagues and partners who have all been dedicated to improving the

housing development in our state. We are also excited to welcome Traci Collins this year as the newest member to the Iowa staff. Although she works out of the Omaha office, we have had several opportunities to get to know Traci and look forward to several more.

So far this year, we have closed two projects in Iowa. We have five more

projects set to close by year end. It’s always a nice feeling to look back at the end of the year and see all the hard work done by each and every person involved in a project all be worthwhile. A big thank you to everyone who has

helped make these projects possible this year. We hope to see many of you at our dinner this year to celebrate!

MHEG is excited to announce the recent signing of nine new first-time investors! We look forward to partnering with these great organizations for many years to come in the

development of affordable housing.

$15M - IF VI, KF VIII, NF XV and OF III: Seaboard Corporation Shawnee Mission, Kansas

$250K - NF XV: The State National Bank & Trust Company Wayne, Nebraska

$500K - NF XV: First Community Bank Beemer,

Nebraska $500K - NF XV: Adams County Bank Kenesaw,

Nebraska $500K - NF XV: Countryside Bank Unadilla, Nebraska

$1.5M - KF VIII: United Bank & Trust Company Marysville, Kansas $500K - KF VIII: Bank of Hays Hays, Kansas

$1M - KF VIII: Citizens State Bank Moundridge,

Kansas

$500K - OF III: Lifeshield National Insurance Co. (Affiliate of MidFirst)

Oklahoma City, Oklahoma

New Investors for 2010

NASLEF’s 17th Annual Conference: Sept. 22nd-24th Boston, MA - Omni Parker House

Oklahoma Community Bankers Association of Oklahoma Annual Convention: Sept. 15-17th Oklahoma City, OK - Skirvin Hotel OHFA Board of Trustees Meeting: Sept. 16th and Nov. 18th Oklahoma City, OK - OHFA Office MHEG Industry Luncheon: Sept. 16th Oklahoma City, OK - Coles Garden Event Center

OHFA Fair Housing & Accessibility Training: Sept. 21st OHFA Tax Credit Fundamentals & Regulatory Update: Sept. 22nd Oklahoma City, OK - Embassy Suites Norman Hotel & Convention Center

Above: NASLEF members enjoy an evening out

in Napa, CA for the NASLEF Asset Management

Directors Meeting in May. MHEG’s Ted Witt, COO

and Director of Asset Management attended on behalf of MHEG.

Our 2010 Annual Meeting took place at Quarry Oaks on Monday, June 7th. We had a great turnout with almost 100 people in attendance for the meeting and lunch, and 24 golf teams participating in the outing. A 2009 summary of MHEG’s operations was provided during the annual meeting, along with a market update and a 2010 outlook. We also commemorated Sister Marilyn Ross’s retirement as Chairman of the Board.

We would like to thank all those in attendance and our great sponsors! After the rain showers passed through in the morning, the sun came

out and it was a beautiful day for golf!

Richard (Dick) Schenck was recently announced as MHEG’s new Chairman for the Board of Directors at our June Annual Meeting. Schenck, who has been a member of the Board since 2000, also serves on our Audit and Investment Committee, as well as the Iowa and Kansas Operations and Investment Committees.

Schenck, an active participant in affordable housing, serves as a Community Development Manager

for Wells Fargo, managing a 10 state area, with the assistance of four direct reports, which includes Nebraska, Kansas, North Dakota, South Dakota, Iowa, Illinois, Wisconsin, Michigan, Indiana & Ohio. He works extensively with community organizations and the Wells Fargo bankers in addressing community development needs in the markets we serve and our compliance with the CRA

regulations by ensuring compliance with the Lending, Investment & Service tests of the CRA Regulation.

Schenck has been with Wells Fargo for over 40 years with experience in all aspects of credit and credit administration, including collections, installment lending, indirect underwriting, commercial lending, workout, collateral audit, residential real estate, small business loan underwriting, compliance, fair lending and other backroom support functions. He has

conducted various training sessions for all levels of bankers and continues to interact with bankers on a daily basis as a resource for their CRA & Community Development needs.

Schenck will continue to be a great source of leadership and knowledge for MHEG as he embarks on his role as Chairman.

Midwest Housing Equity Group, Inc.

1

MHEG MHEG in a in a Minute Minute

Contact any of our offices listed above or visit our website for more information: www.mheginc.com

13520 California Street, Suite 250

Omaha, NE 68154

Keeping you up to date on MHEG’s business in just a minute’s time.

RECENT HIGHLIGHTS

Omaha / Corporate Headquarters

13520 California Street, Suite 250

Omaha, NE 68154

Phone: 402.334.8899 Fax: 402.334.5599

Des Moines

1312 Locust Street, Suite 300B

Des Moines, IA 50309

Phone: 515.280.6000 Fax: 515.280.6655

Oklahoma City

10342 Greenbriar Parkway

Oklahoma City, OK 73159

Phone: 405.278.7909 Fax: 405.218.4075

Topeka

701 S. Kansas Avenue

Topeka, KS 66603

Phone: 785.267.1901 Fax: 785.267.1903

SEPTEMBER 2010 VOLUME 3, ISSUE 3

Schenck Named as Chairman of Board

2010 Annual Meeting

Congratulations to all of our Winners!

1st Place: Rachel Wiesner, Tony Krsnich, Pete Krsnich, Ross Rumsey 2nd Place: Pat Michaelis, John Martin, Dan Smith, Don Crabtree 3rd Place: Peggy Levine, Jim Royer, Brad Bailey, Dudley Beyer Last Place: Traci Collins/Andrea Frymire, John Wiechmann, John Kroeker, Rick Jackson

A BIG THANK YOU to ALL of our 2010 Sponsors!!!

Luncheon Sponsors: Buland Group and Dauby O’Connor & Zaleski, LLC (DOZ) Awards Presentation Sponsor: Horizon Bank 19th Hole Celebration: Seldin Company Cart Sponsor: FHLBank Topeka Refreshments Sponsor: Wells Fargo Breakfast & Registration Sponsors: BancFirst and Spectrum Companies

Hole Sponsors: Bank of the West, Buland Group, DOZ, Dutton & Associates PC, Excel Development Group, Horizon Bank, INTRUST Bank, J Development Co., Kutak Rock, Mesner Development Co., Nebraska Bankers Assoc., Nebraska Investment Finance Authority, Oklahoma Bankers Assoc., State Farm Insurance Agency - Gale Breed Agency, US Bank

Additional Sponsors: Home Federal Bank - Grand Island

Above Left: Larry Buland of the Buland Group, Luncheon

Sponsor, addresses attendees during lunch.

Above Right: Sister Marilyn receives a plaque honoring her

time on MHEG’s Board. Below: First Place Winners enjoy a moment out on the course.

Recent Highlights 1

President’s Message 2

State Updates - IA 2

Upcoming Events 2

Closings & Asset Management Updates

3

Announcements 4

State Updates - KS, NE, OK 5

Inside this issue: